Healthcare-focused investment firm OrbiMed has held a $735m final close for its latest venture capital fund.

Orbimed Private Investments V will continue the firm’s strategy of targeting all stages of the healthcare industry, with a focus on biopharmaceutical, medical device and diagnostics companies in North America and Europe.

The firm said it expects to make about 30 investments using the new vehicle, parting with between $10m and $50m each time.

OrbiMed partner and global private equity co-head Carl Gordon said, “This is an exciting time to launch our next fund, given the combination of the high rate of new FDA drug approvals, a vibrant IPO window, and the accelerating level of innovation from companies across the life sciences investment universe.”

The new fund will be almost three-times the size of its $188m debut Asian healthcare vehicle from 2008 according to Reuters, which said the firm planned to launch OrbiMed Asia Partners II towards the end of this year.